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4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one...

4. In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction?

A) excess charitable contributions

B) dividends-received deduction

C) net operating loss deduction

D) net capital loss for the current year

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Answer #1
In determining accumulated taxable income for the purpose of the accumulated earnings tax, net capital loss for the current year is allowed as a deduction.
Excess charitable contributions,dividends-received deduction and net operating loss deduction are added to taxable income in determining accumulated taxable income.
Option D is correct
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